Brent futures slipped 22c to $79.41 a barrel at 4.03am GMT, while US West Texas Intermediate crude fell 32c to $75.43 a barrel.
“With the Fed likely to raise interest rates for the last time in July, concerns about US demand that will limit oil price gains are likely to remain.” However, on the positive front, China’s top economic planner pledged on Tuesday that it would roll out policies to “restore and expand” consumption in the world’s second-largest economy, which could boost oil demand, as consumers’ purchasing power remained weak.
This means prices may still break through the higher end of the current market’s range at $80 a barrel, he added.
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